Former JPMorgan Chase CIO Chiarello joins First Data

First Data has hired former JPMorgan Chase CIO Guy Chiarello as president.

Chiarello - who unexpectedly quit the US moneycentre bank in May - will be re-united at First Data with ex-JPMChase co-chief operating officer Frank Bisignano.

Bisignano was lured away from JPMorgan Chase in April to take over the CEO role at the payments processing firm from acting chief Ed Labry.

Chiarello's appointment was announced in an SEC filing. He will receive an annual base salary of $1 million and a bonus of no less than $2.5 million for 2013. The move from JPMorgan Chase was also sweetened by a $6.5 million signing on fee, which will be recouped if he quits or his position is terminated within the next two years.

Chiarello was the CIO of JPMorgan Chase for the last five and a half years and served in various technology roles for Morgan Stanley for 23 years prior to that.